IDEAFORGE TECHNOLOGY

LIMITED

IPO NOTE
June 2023
 ISSUE HIGHLIGHTS Issue Details
Fresh Issue of Equity Shares aggregating upto
❑ ideaForge Technology Limited ("ideaForge") was incorporated on February ₹240 Crore and Offer for Sale of 4,869,712
8, 2007. ideaForge is the pioneer and the pre-eminent market leader in the Equity Shares
Indian unmanned aircraft systems (“UAS”) market, with a market share of
approximately 50% in Fiscal 2022. They had the largest operational Issue summary
deployment of indigenous UAVs across India, with an ideaForge Issue size: ₹ 551 - 567 Cr
manufactured drone taking off every 5 minutes on average for surveillance No. of shares: 8,632,125 – 8,441,763 Equity
and mapping as of Fiscal 2023. Shares
❑ ideaForge ranked 7th globally in the dual-use category (civil and defence) Face value: ₹ 10/-
Employee Reservation: 13,112 Equity Shares
drone manufacturers as of December 2022. They have grown at a CAGR of
137.47% in terms of revenue from operations over the last 3 Fiscals, with a Price band: ₹ 638 - 672
Return on Capital Employed of 12.51% in Fiscal 2023. Bid Lot: 22 Shares and in multiple thereof
❑ They have a broad range of products with feature-based differentiation such Employee Discount: ₹ 32/- Per Share
as weight class (approximately 2-7 kg), endurance class (25-120 minutes
flying time), take-off altitude range (up to 6,000 meters), communication Post Issue Implied Market Cap =
range (approximately 2-15 km), payload types, etc. ₹ 2,671 – 2,800 Cr
❑ Company’s product portfolio consists of Hardware, Software and embedded
BRLMs: JM Financial, IIFL Securities
sub-systems and Solutions. Their growth over the years is attributable to
Registrar: Link Intime India Pvt. Ltd.
their indigenous design and technological capabilities, ability to invent,
design and deliver customer centric offerings (i.e., hardware, software, and Issue opens on: Monday, 26th June’2023
solutions) and their vertically integrated operations. Issue closes on: Thursday, 29th June’2023
❑ In addition to being among the 1st few players in India to enter the UAV
Indicative Timetable
market, ideaForge also has the distinction of being the 1st company to
indigenously develop and manufacture vertical take-off and landing (“VTOL”) Activity On or about
UAVs in India in 2009. They are also the 1st company to participate in the Finalisation of Basis of Allotment 04-07-2023
demonstration of 5G enabled UAVs at the Indian Mobile Congress in 2018. Refunds/Unblocking ASBA Fund 05-07-2023
Credit of equity shares to DP A/c 06-07-2023
❑ ‘SWITCH UAV’ – company’s product, won the largest mini-VTOL UAV
Trading commences 07-07-2023
contract in March 2022, against global competitors.
❑ Beyond the UAVs, ideaForge undertake a full integration of their payloads, Issue break-up
communication system and packaging. ideaForge also build their own No. of Shares ₹ In Cr % of
software stack required for flight safety, autopilot sub-system, battery, @Lower @upper @Lower @upper Issue
power, and communication in their UAVs. QIB 6,464,261 6,321,490 412.42 424.80 75%
NIB 1,292,851 1,264,297 82.48 84.96 15%
❑ ideaForge has raised funding from various investors including Infosys Ltd,
-NIB1 430,951 421,433 27.49 28.32
Qualcomm Asia Pacific Pte. Ltd., Celesta Capital II Mauritius, Celesta -NIB2 861,900 842,864 54.99 56.64
Capital II-B Mauritius, Florintree Enterprise LLP, Export Import Bank of RET 861,901 842,865 54.99 56.64 10%
India and Infina Finance Pvt Ltd over the years. Emp 13,112 13,112 0.84 0.88 -
Total 8,632,125 8,441,764 550.73 567.29 100%
BRIEF FINANCIAL DETAILS* ( ₹ In Cr)

As at Mar’ 31, Listing : BSE & NSE

2023 2022 2021
Shareholding (No. of Shares)
Equity Share Capital 21.34 0.09 0.09
Pre Issue Post Issue~ Post Issue^
Instruments entirely equity in nature 0.07 0.04 0.04
Reserves 303.12 163.18 59.62 38,098,559 41,860,972 41,670,611
Net worth as stated 324.72 163.30 59.75 ~@Lower price Band ^@ Upper Price Band

Revenue from Operations 186.01 159.44 34.72

Shareholding (%)
Revenue Growth (%) 16.66% 359.22% -
Pre- Post-
EBITDA as stated 57.49 75.13 (9.25)
Issue Issue
EBITDA (%) as stated 30.91% 47.12% (26.65)% Promoters 28.39% 25.58%
Profit Before Tax 40.80 50.18 (14.50) Promoter Group 5.57% 4.61%
Net Profit for the period 31.99 44.01 (14.63) Public – Individual Selling S/h 0.97% 0.63%
Net Profit (% ) as stated 17.20% 27.60% (42.13)% Public – Corporate Selling S/h 25.96% 13.17%
EPS – Basic (₹) 8.55 13.84 (5.03) Public –Other 39.11% 56.01%
EPS - Diluted (₹) 8.12 13.13 (5.03) Total 100.00% 100.00%

RONW(%) as stated 9.85% 26.95% (24.48)%

NAV (₹) as stated 86.81 51.36 20.57
Adj. ROCE (%) 26.98% 77.25% (12.06)%
Source: RHP; *Restated Consolidated

For additional information & risk factors please refer to the Red Herring Prospectus -1-
BACKGROUND
Company and Directors
The company was originally incorporated as “ideaForge Technology Private Limited” on February 8, 2007. Ankit Mehta,
Rahul Singh and Ashish Bhat are the Promoters of the Company. Currently, the Promoters hold in aggregate 10,817,264
Equity Shares, which constitutes 28.39% of the issued, subscribed and paid-up Equity Share capital of the company.

Brief Biographies of Directors

Srikanth Velamakanni is the Chairman and Independent Director of the company and has been an Independent Director on
the Board of the company since December 14, 2022. He is associated with Fractal Analytics Pvt Ltd as the co-founder, group
chief executive and executive vice chairman.

Ankit Mehta is the Chief Executive Officer and Whole-Time Director of the company. He is the Promoter of the company. He
has been associated with the company since its incorporation and has experience in the drone industry.

Rahul Singh is the Vice President-Engineering and Whole-Time Director of the company. He is the Promoter of the company.
He has been associated with the company since its incorporation and has experience in the drone industry.

Ashish Bhat is the Vice President-Research & Development and Whole-Time Director of the company. He is the Promoter of
the company. He has been associated with the company since its incorporation and has experience in the drone industry.

Ganapathy Subramaniam is the Non-Executive Nominee Director of the company and has been associated with the
company since November 28, 2017.

Mathew Cyriac is the Non-Executive Nominee Director of the company and has been associated with the company since
June 24, 2022. He was previously associated with Blackstone Advisors India Pvt Ltd, DLJ Merchant Banking Partners, Bank of
America and Credit Suisse First Boston Corporation.

Sutapa Banerjee is the Independent Director of the company and has been on the Board since December 14, 2022. She was
previously associated with Royal Bank of Scotland N.V., ABN AMRO Bank and Ambit Capital Pvt Ltd.

Vikas Balia is an Independent Director of the company and has been on the Board of the company since December 14, 2022.

Key Managerial Personnel

Vipul Joshi is the Chief Financial Officer of the company. He has been associated with the company since October 21, 2008.

Sonam Gupta is the Company Secretary and Compliance Officer of the company and has been associated with the company
since December 15, 2022.

OBJECTS OF THE ISSUE

Objects Amount ( ₹ Cr)
• Repayment/prepayment of certain indebtedness availed by the Company 50.00
• Funding working capital requirements; 135.00
• Investment in product development; 40.00
• General Corporate Purposes [•]
Total [•]

Details of Pre- IPO Placement of ₹ 60 Cr

The company has undertaken a Pre-IPO Placement of 892,857 Equity Shares at a price of ₹ 672/- per share, aggregating to ₹
60 crore as under:
Name of the Entity No. of Equity Shares Amount (₹ Cr)
360 One Special Opportunities Fund - Series 9 178,515 12.00
360 One Special Opportunities Fund - Series 10 44,700 3.00
TATA AIG General Insurance Co Ltd 223,214 15.00
Think Investments PCC 223,214 15.00
Motilal Oswal Midcap Fund 223,214 15.00
Total 892,857 60.00

For additional information & risk factors please refer to the Red Herring Prospectus -2-
OFFER DETAILS

The Offer No. of Shares

Fresh Issue (₹ 240 Cr) Approx. upto 3,762,413~ - 3,572,053^ Equity Shares
WACA Per Equity
The Offer for Sale by: Upto 4,869,712 Equity Shares
Share (₹)
Ashish Bhat – Promoter Selling Shareholder Upto 158,200 Equity Shares 0.04
Sujata Vemuri – Promoter Group Selling Shareholder Upto 203,400 Equity Shares 2.63
Amarpreet Singh – Investor Selling Shareholder Upto 8,362 Equity Shares 0.04
Nambirajan Seshadri - Investor Selling Shareholder Upto 22,600 Equity Shares 43.00
Naresh Malhotra – Investor Selling Shareholders Upto 22,600 Equity Shares Nil
Sundararajan K Pandalgudi - Investor Selling Shareholders Upto 51,980 Equity Shares 38.48
A& E Investment LLC – Corporate Selling Shareholders Upto 135,600 Equity Shares 43.81
Agarwal Trademart Pvt Ltd – Corporate Selling Shareholders Upto 53,200 Equity Shares 75.22
Celesta Capital II Mauritius – Corporate Selling Shareholders Upto 1,106,722 Equity Shares 97.83
Celesta Capital II-B Mauritius – Corporate Selling Shareholders Upto 131,758 Equity Shares 97.81
Export Import Bank of India – Corporate Selling Shareholders Upto 202,044 Equity Shares 185.71
Indusage Technology Venture Fund I – Corporate Selling Shareholders Upto 1,695,000 Equity Shares 91.16
Qualcomm Asia Pacific Pte. Ltd. – Corporate Selling Shareholders Upto 1,055,646 Equity Shares 92.96
Society for Innovation and Entrepreneurship – Corporate Selling Shareholders Upto 22,600 Equity Shares 0.04
(~ at lower price band and ^ upper price band) WACA=Weighted Average Cost of Acquisition

SHAREHOLDING PATTERN
Pre-offer Post-offer
% of Total Number of % of Total
Number of Equity Share No. of Shares Equity Equity Share
Shareholders Equity Shares Capital offered Shares Capital
Promoters 10,817,264 28.39% 158,200 10,659,064 25.58%
Promoters Group 2,123,270 5.57% 203,400 1,919,870 4.61%
Total for Promoter & Promoter Gr 12,940,534 33.97% 361,600 12,578,934 30.19%
Public – Selling Shareholders 368,380 0.97% 105,542 262,838 0.63%
Public – Other Selling Shareholders 9,890,212 25.96% 4,402,570 5,487,642 13.17%
Public - Others 14,899,433 39.11% 0 23,341,197 56.01%
Total for Public Shareholders 25,158,025 66.03% 4,508,112 29,091,677 69.81%
Total Equity Share Capital 38,098,559 100.00% 4,869,712 41,670,611 100.00%

BUSINESS OVERVIEW
IdeaForge Technology Ltd (“ideaForge”) is the pioneer and the pre-eminent market leader in the Indian unmanned aircraft
systems (“UAS”) market, with a market share of approximately 50% in Fiscal 2022. They had the largest operational
deployment of indigenous UAVs across India, with an ideaForge manufactured drone taking off every 5 minutes on average
for surveillance and mapping as of Fiscal 2023. Their customers have completed over 350,000 flights using company’s UAVs
as of March 31, 2023. ideaForge ranked 7th globally in the dual-use category (civil and defence) drone manufacturers as per
the report published by Drone Industry Insights in December 2022. They have grown at a CAGR of 137.47% in terms of
revenue from operations over the last 3 Fiscals, with a Return on Capital Employed of 12.51% in Fiscal 2023.

Their UAVs are equipped with industry leading specifications and capabilities, comparable to those of other established
global players in the UAV industry. Their growth over the years is attributable to their indigenous design and technological
capabilities, their ability to invent, design and deliver customer centric offerings (i.e., hardware, software, and solutions) and
their vertically integrated operations.

These capabilities allow them to design, develop, engineer, and manufacture their UAVs in-house with a control on
performance, reliability and autonomy. Their UAV platforms are architected with a ‘mission first’ approach i.e., to deliver
UAVs which meet the requirements of their customers and which, can reliably sustain a large number of flights and are
capable of being autonomously operated without special skills or training. In addition to being among the 1st few players in

For additional information & risk factors please refer to the Red Herring Prospectus -3-
India to enter the UAV market, they also have the distinction of being the 1st company to indigenously develop and
manufacture vertical take-off and landing (“VTOL”) UAVs in India in 2009. They are also the 1st company to participate in the
demonstration of 5G enabled UAVs at the Indian Mobile Congress in 2018. An early prototype of their VTOL UAV (quadrotor
helicopter) was also featured in a popular Bollywood movie in 2009. They are one of the few original equipment
manufacturers (“OEMs”) globally to have its own proprietary autopilot sub-system and ground control software. As a result
of their continuous product development and innovation efforts, they have filed 41 patent applications, which comprise of
20 applications filed internationally and 21 patent applications filed in India, as on June 17, 2023. A validation of their
product competency and an example of global acceptance of their product was when their product SWITCH UAV, won the
largest mini-VTOL UAV contract in March 2022, against global competitors from Russia, Israel, France, Ukraine, and other
countries.
A graphical representation of the evolution and growth

ideaForge has one of the industry’s leading product portfolios targeted at civil and defence applications (dual use). They
have a broad range of products with feature-based differentiation such as weight class (approximately 2-7 kg), endurance
class (25-120 minutes flying time), take-off altitude range (up to 6,000 meters), communication range (approximately 2-15
km), payload types, etc.

Beyond the UAVs, they undertake a full integration of their payloads, communication system and packaging. ideaForge also
build their own software stack required for flight safety, autopilot sub-system, battery, power, and communication in their
UAVs. This integration of complex technologies while optimizing for performance, reliability, and autonomy, not only creates
entry barriers for new entrants but also helps them to differentiate themselves from other players in the market. They cater
to domestic and international customers across defence and civil sectors, primarily for applications in surveillance, mapping,
and surveying.

Their UAVs have been used in extreme conditions, from very low temperatures at high altitudes such as in Ladakh to very
high temperatures such as in the Thar desert, meaning that their UAVs have experienced some of the harshest environments
in the world. Given the critical nature of the application of their products (such as for defence operations), the company
aims to maintain a high standard for the performance and quality of their products. Some of their UAVs have flown more
than 4,500 flights as against the minimum requirement specified in RFPs for 500 flights under warranty.

Company’s product portfolio consists of:

• Hardware, which primarily includes UAVs, payloads, batteries, chargers and communication system (which enables
communication between the ground control station and the UAVs),
• Software and embedded sub-systems, which includes the GCS software, which enables the controlling and
management for their UAVs and autopilot sub-system, which enables remote control and autonomous completion of
flights,
• Solutions, which enables industry/ application specific software that enhances the value of their UAVs to the end
customer.

Their wide range of products gives them the necessary flexibility to meet the evolving demands of diverse customers across
industries.

For additional information & risk factors please refer to the Red Herring Prospectus -4-
ideaForge has an established track record of designing products that have led to repeat business. Their innovation process
allows them to evolve product features based on the evolving needs of their customers delivering a superior customer
experience with advanced technology. Their UAVs are capable of being autonomously operated without special skills or
training. This combination of performance, reliability and autonomy leads to a lower TCO for their customers.

The company primarily cater to customers with applications for surveillance, mapping, and surveying. Though they do not
enter into long-term contracts with their customers, they have developed long-standing relationships with certain of them.

As of May 31, 2023, they had about 100 channel partners and 3 national distributors. The company is one of the top vendors
globally for dual use drones.

REVENUE FROM OPERATIONS

Details of Revenue from Operations:
Fiscal 2023 Fiscal 2022 Fiscal 2021
Revenue Revenue Revenue
Particulars (₹ Cr) % of Total (₹ Cr) % of Total (₹ Cr) % of Total
Sale of products 168.58 90.62% 159.43 99.99% 34.72 100.00%
- UAVs 161.26 151.58 28.74
- Spare items 2.34 2.35 2.27
Sale of service 4.97 5.50 3.70
- Maintenance services 4.94 3.28 3.70
- Training services - 2.17 -
- Others 0.03 0.05 -
Other Operating Revenues 17.43 9.37% 0.01 0.01% 0 0.00%
- Performance Linked Incentives 17.42 - -
- Duty drawback 0.01 0.01 -
Total 186.01 100.00% 159.44 100.00% 34.72 100.00%

Disaggregated Revenue Information:

Year ended 31 March
2023 2022 2021
Amount Amount Amount
% of Total % of Total % of Total
Particulars ₹ Cr ₹ Cr ₹ Cr
Sale of products (transferred at a point of time) 163.60 97.05% 153.93 96.55% 31.01 89.34%
India 161.96 153.33 31.01
Outside India 1.64 0.60 -
Sale of service (transferred over period of time) 4.98 2.95% 5.50 3.45% 3.70 10.66%
India 4.98 5.50 3.70
Outside India - - -
Total 168.59 100.00% 159.44 100.00% 34.72 100.00%

The revenue break up from civil and defence sectors:

Fiscal 2023 Fiscal 2022 Fiscal 2021

Revenue % to Revenue % to Revenue % to
(₹ Cr) Revenue (₹ Cr) Revenue (₹ Cr) Revenue
Civil 39.97 21.49% 31.77 19.93% 29.89 86.09%
Defence 128.62 69.15% 127.67 80.07% 4.83 13.91%
Total 168.59 100.00% 159.44 100.00% 34.72 100.00%

Company’s manufacturing facility, situated in Navi Mumbai, Maharashtra, has an area of approximately 21,000 sq. ft., and is
equipped with advanced equipment, modern technology with automation systems and has ability to manufacture a wide
range of products. This facility is in compliance with ISO 9001:2015 requirements and is also equipped with a testing centre.
While they produce composite structures of their UAV airframes and small component machining is done inhouse, they
source commercial-off-the-shelf (“COTS”) and customized components required for manufacturing of UAVs such as carbon
tubes, propellers and cameras from the domestic as well as the international market. Their product development centre,

For additional information & risk factors please refer to the Red Herring Prospectus -5-
situated in Navi Mumbai, Maharashtra, helps them design and develop their UAVs, and with continuous customer insights,
and improve the performance of their UAVs.

Ideaforge was founded in 2007 by their Promoters, Ankit Mehta, Rahul Singh, and Ashish Bhat, along with Vipul Joshi, the
Chief Financial Officer who later joined the company. Their Promoters designed their first quadrotor UAV in 2004 while
studying at the IIT Bombay. While their Promoters are first generation entrepreneurs the company has raised funding from
various investors including Infosys Ltd, Qualcomm Asia Pacific Pte. Ltd., Celesta Capital II Mauritius, Celesta Capital II-B
Mauritius, Florintree Enterprise LLP, Export Import Bank of India and Infina Finance Pvt Ltd over the years. The company
was incubated by the Society for Innovation and Entrepreneurship (“SINE”), IIT Bombay and subsequently by CIIE Initiatives,
IIM Ahmedabad.

Company’s growth in revenue and profitability can be credited to their robust product portfolio and technology
differentiation. They have achieved revenue from operations of ₹ 159.44 crore in Fiscal 2022 and ₹186.01 crore in Fiscal
2023, which is an increase of over 1.17 times of revenue achieved in Fiscal 2022.

DRONE TECHNOLOGY - MARKET OPPORTUNITIES AND REGULATORY IMPETUS

Drone technology is a sunrise sector, poised for exponential growth worldwide. Today, drones are used in a wide variety of
defence and civil applications that are growing across industries. India finds itself to be at a critical juncture in the
evolutionary timeline of drone technology and aims to position itself as a global drone hub by 2030. The global drone
industry is estimated to be US$ 21.1 billion in 2022. The industry has witnessed a significant growth at a CAGR of 19% over
2018-2022 and is expected to grow even faster at a CAGR of 20% to be approximately US$ 51.4 billion in 2027 and further
leap to approximately US$ 91.3 billion by 2030. As of 2022, the potential market size for the Indian drone industry was
approximately US$ 2.71 billion. In 2022, defence industry has the highest potential of US$ 1.28 billion out of the total drone
market, followed by logistics at US$ 0.76 billion and enterprise at US$ 0.48 billion. The Indian drone market is projected to
grow from US$ 43 million by Fiscal 2022 to US$ 812 million by Fiscal 2027, exhibiting a growth CAGR of 80% over Fiscals
2022-2027.
By implementing drone indigenization initiatives in use cases such as defence, commercial, homeland security, and counter
UAV sectors, India has the remarkable opportunity to target approximately 1.8 lakh crore of total domestic manufacturing
potential. The rise of the drone manufacturing industry in India will result in significant trickle-down effects across the
subcomponent value chain, right across motors/ propulsion systems, payloads, communication modules, batteries/ power
systems, propellers, assembly, navigation systems, airframes, and software solutions.
The data confidentiality issues and low reliability of Chinese drones, coupled with the global anti-China sentiments, are
paving an opportunity for the Indian drone industry to provide an alternative option in the market. Indian UAVs can compete
in this market given the favourable ecosystem created by the government’s industry-friendly policies, significant
investments, and increasing demand for drones globally. Through meticulous public and private investments, the Indian
drone sector is looking to position itself as a global competitor in exports for both civil and military drones.

Drone regulations vary from country to country, with no universally applicable international drone legislation yet. The major
countries in drone operations are Australia, China, and U.K. These countries possess advanced regulatory frameworks which
have evolved over time. The regulatory bodies in India have taken a step towards a more liberalized approach after
considering the potential of drones in boosting the economy.
The Directorate General of Foreign Trade (“DGFT”) under the Ministry of Commerce and Industry, by way of notification in
February 2022, modified the Indian Trade Classification (Harmonised System) 2022 Schedule-1 (Import Policy) and banned
the import of drones in completely-built-up (“CBU”), semi-knocked-down (“SKD”) or completely-knocked-down (“CKD”)
form, with the following exceptions: (a) import of drones by government entities, educational institutions recognized by
central or state government, government recognized R&D entities and drone manufacturers for R&D purpose are allowed in
CBU, SKD or CKD form, subject to import authorisation issued by DGFT in consultation with concerned line ministries, and (b)
import of drones for defence and security purposes are allowed in CBU, SKD or CKD form, subject to import authorisation
issued by DGFT in consultation with concerned line industries. However, the import of drone components is not banned and
does not require any approval.

INTELLECTUAL PROPERTY RIGHTS

Particulars Total Approved Pending Remark
Trademarks 54 33 21 33 Registered trademarks in India
Patents 62 25 37 10 granted patens in India and 15 granted patents in other jurisdiction
Copyrights 9 7 2 7 Registered copyrights in India
Note: Details as of June 17, 2023

For additional information & risk factors please refer to the Red Herring Prospectus -6-
The company support care plan, ideaForge Care, is one of the first-of-its-kind subscription-based support package in the
Indian UAV industry. It provides customers with a wide range of support plans suited to their needs which includes 24X7
support and replacement drone options. Their service centres located in Leh (Jammu and Kashmir) and Dibrugarh (Assam),
cater to the annual maintenance and repair requirements of drones deployed in field, thereby reducing overall turnaround
time for repairs.

PRODUCTS PORTFOLIO AND SUB-COMPONENTS

Product Name Description
Hardware
NINJA UAV is the lightest UAV, built for security and surveillance

RYNO UAV is the micro category survey-grade UAV and is equipped with an advanced mapping
payload and a state-of-the-art post processed kinematic (“PPK”) module.

Q4i is the small category VTOL UAV and is one of their most economical UAVs built with military grade
standards. Q4i UAV can be used for anti-terrorism, border security, intelligence, surveillance and
reconnaissance (“ISR”) operations, crime control and disaster management.
Q6 is the small category UAV and may be used for surveying and mapping. Its quadcopter design and
high area coverage enables it to complete large-scale mapping projects quicker than their other UAVs.

NETRA V4+ UAV is an intelligent and portable VTOL UAV, which is built for use in a wide range of
mission-critical applications. NETRA V4+ is mostly used for coastal patrol, anti – smuggling, search and
rescue, disaster, and emergency analysis.
SWITCH UAV is a fixed wing and VTOL hybrid. SWITCH UAV features advanced flight time, higher
safety and simple operation with additional fail-safe redundancies. It is used for long range, high
endurance, high altitude last mile surveillance and security operations.

NETRA V4 PRO UAV is the upgraded version of NETRA V4+ UAV and is built for use in a wide range of
mission-critical applications. It is designed with quick snap fit mechanism without the dependency on tools
and built for repeated uses.

Software and embedded sub-systems

BlueFire Touch BlueFire Touch, the GCS software, is built to plan and command both mapping and surveillance
missions with the ability to pre-plan missions based on operational area and target locations via
waypoint-based navigation.
Autopilot Enables remote control and autonomous completion of flights with pre-flight checks, intelligent
failsafe features, such as return to home on low battery, high wind, communication loss and battery
imbalance. It also has smart altitude management and global positioning system (“GPS”) error
handling features.
Solutions
BlueFire MapAssist Software solution for simple and intuitive geo-tagging with flexibility for both PPK mapping as well as
non-PPK mapping with optimized data capture and processing.
BlueFire Live! Encrypted live streaming of the drone video feed and payload control for border management,
emergency response, mapping, surveillance, disaster management and ISR operations. Integrates
easily with CCTVs and command and control centres, operates in low bandwidth, and offers easy
remote payload control.
Surveillance Pro Enables anti-terrorism applications, border security and crime control measures, ISR operations,
amongst others, through advanced image intelligence features such as target tracking and moving
target indicator. It has support for remote video terminal (“RVT”) with full UAV control and airborne
data relay (“ADR”) communication modes built-in to give maximum flexibility even for specialised
missions. RVT enables a second operator on ground to receive the video stream, command the UAV
and control the payload to ensure on-ground forces are working on the same set of information. ADR
enables a full duplex between GCS software, ADR UAV, and payload/ data capture UAV. It also
enables non-line of sight for ISR missions.
Geographic Information Survey grade mapping via high resolution mapping with PPK.
System (“GIS”) Pro

For additional information & risk factors please refer to the Red Herring Prospectus -7-
In addition to the above product offerings, they are in the process of developing UAVs as an on-demand service solution,
which will mean their UAVs will be deployed to enable operations in a pre-scheduled or ad hoc/ on-demand manner at a
short notice.

In addition to the warranty services that ideaForge provides with their UAVs, they also provide after sales maintenance
services to their customers. The support care plan, ideaForge Care plan, is one of the first-of-its-kind subscription-based
support package in the Indian UAV industry.

BlueFire Touch, the ground control software, is built to plan and command missions. Its mission planning capabilities include
finding suitable areas for take-off, determining coverage area based on flight path and target location coverage check for off-
site mission planning prior to deployment. BlueFire Touch enhances the flight safety with capabilities such as geo fencing,
terrain hugging, terrain avoidance, etc. BlueFire Touch also gives complete control of flight operations and post flight data
retrieval to the professional UAV pilot onsite. BlueFire Touch’s split screen video/map view feature works by allowing the
user to dynamically set a side-by-side view of the map of the flight operation and the actual live stream.
BlueFire Live!, the innovative software-as-a-service (“SaaS”) offering, with a subscription-based business model, enables
encrypted live streaming of the UAV video feed and payload control.
BlueFire Live! solution.

BlueFire MapAssist is company’s software solution that makes geotagging for survey grade PPK mapping simple and
intuitive. This not only enables safe and autonomous mapping operations with their GCS software, but also optimises the
data captured and helps reduce the processing time. This makes their UAVs suitable for large area mapping operations and
enabling the lower total cost of ownership (“TCO”) which is an imperative for these projects.

Planned Products

ideaForge intends to introduce newer versions of their UAVs such as NETRA, SWITCH, and Q6, wherein their focus will be on
improving performance, reliability, and autonomy of the UAVs. They intend to improve the performance by providing
increased flight times which can be achieved by better airframe designs, better battery technology and overall better
integration of the different subsystems. Further, they shall focus on reliability by improving the life of the UAV and the
quality to reduce mission failures. They intend to achieve autonomy through software capabilities. They also plan to have an
integrated support portal that will be a web-based cloud platform which will provide real time support information and
focus on improving the overall support experience for their customers.

Their focus shall also be on developing tactical UAVs which are larger platforms and offering longer flight times and larger
payload carrying capabilities. They also intend to focus on developing middle mile logistics wherein they intend to build a
platform with a payload carrying capacity of more than 100 kgs, capable of traveling for more than 100 kms.

CUSTOMERS
As of May 31, 2023, ideaForge has served approximately 265 customers. Their customers include Indian defence customers
and civil customers comprising certain of the central armed police forces, state police departments, disaster management
forces, forest departments, private contractors in connection with smart cities, Pioneer Foundation Engineers Pvt Ltd, and
C.E. Info Systems Ltd.

For additional information & risk factors please refer to the Red Herring Prospectus -8-
MANUFACTURING FACILITY
The company undertakes their manufacturing operations at their manufacturing facility, situated in Navi Mumbai,
Maharashtra which has an area of approximately 21,000 sq. ft., and is equipped with advanced equipment, modern
technology and automation systems to manufacture a wide range of products.
The installed production capacity and the rate of capacity utilization of the manufacturing facility.
Installed capacity per Capacity Utilization as on March 31,
Products day as of Mar’31, 2023* 2023* 2022* 2021*
Quadcopter UAV 5 95% 93% 88%
Switch UAV 4 82% 75% 0%
Payload 15 95% 96% 79%
Battery 20 87% 84% 83%
Communication Box 15 90% 90% 88%
Note: Each year the company has different capacity and capacity utilisation is not comparable year on year basis.

Product development centre

The company has their own in-house product development centre, which allows them to design, develop, engineer, and
manufacture their UAVs in-house with a focus on performance, reliability, and autonomy. Their product development centre
has 116 employees, as of May 31, 2023.

COMPETITIVE STRENGTHS
• Pioneer and the pre-eminent market leader in the Indian UAS industry, with first-mover advantage

ideaForge is the pioneer and the pre-eminent market leader in the Indian UAS market, with a market share of approximately
50% in Fiscal 2022.

Their promoters built their 1st quadrotor drone in 2004. They started their operations in 2007 and with a first-mover
advantage, they are among the 1st few companies in India to enter the UAV market and the 1st organisation to indigenously
develop and manufacture VTOL UAVs in India in 2009 They are also the 1st company to participate in the demonstration of
5G enabled UAVs at Indian Mobile Congress in 2018.

Their in-house capabilities to design, develop, engineer and manufacture have enabled them to develop better products
basis evolving demands of their customers, thereby enhancing customer experience with their products. Their ability to
build a fully integrated system and having control over the full stack differentiates them from other players in the market.
They are driven by a self-propagating flywheel, whereby as a result of their leadership position and their 1st mover
advantage, they have been able to create a better user experience based on customers insights and with continuous
technology improvements.

Self-propagating flywheel

• Diversified product portfolio with a robust technology stack and track record of successful outcomes in critical use
cases

ideaForge has a broad range of products with feature-based differentiation such as weight class (approximately 2-7 kg),
endurance class (25-120 minutes flying time), take-off altitude range (up to 6,000 meters), communication range
(approximately 2-15 km), payload types, etc. Their UAVs are deployed in multiple use cases across defence and civil sectors.
Further, their UAVs can be modified to address construction, infrastructure, retail, agriculture, and delivery applications.

For additional information & risk factors please refer to the Red Herring Prospectus -9-
Their UAVs have also been tested in extreme conditions which are prevalent across India and high altitudes areas, deserts,
and glaciers. Their SWITCH UAVs have been designed to be able to handle all terrains and extreme temperature conditions
and have been purchased by one of their customers for surveillance in high altitude regions. Their quality, durability, and
ability to service tough and different terrains have made their UAVs as the preferred choice for many of their customers in
defence and security sectors.

They are one of the few vendors globally to have a full stack UAV solution, along with a ground control software, firmware,
and solutions as well as robust after sales support. Their support care plan, ideaForge Care, is one of the first-of-its-kind
subscription-based support package in the Indian UAV industry. Their UAVs are equipped with AI based image intelligence,
which helps in ‘people detection’ and ‘target tracking’. Beyond the UAVs and GCS software, they have proprietary solutions
such as BlueFire Live! which enables encrypted live streaming of the UAV video feed and allows payload control from a
remote command location.

• Strong relationships with a diverse customer base

The growth ideaForge has achieved with their current products stems from their ability to invent and deliver advanced
customer centric solutions (i.e., hardware, software, and solutions), to help them operate more effectively and efficiently. As
of May 31, 2023, they served a diverse base of 265 customers. They cater to domestic and international customers across
defence and civil sectors, primarily for surveillance, mapping, and surveying. Their continuous focus on product quality and
reliability over the years has led to customer stickiness. About 35% of their total customers are repeat customers who have
placed at least 2 orders with the company.

The length of relationship with the customers and their revenue contribution.

For the period from For the period from

1st Apr, 2020 until 1st Apr, 2018 until
Particulars 31st Mar, 2023 31st Mar, 2023
Number of repeat customers 71 92
Percentage of total revenue from operations
94.25% 97.66%
Generated from these customers

• Significant product development capabilities powering the software and solutions and product differentiators

ideaForge is a vertically integrated company equipped with in-house product development centre, which allows them to
design, develop, engineer, and manufacture their UAVs. Company’s ability to drive technology and product innovation also
led them to develop a custom in-house battery management system which ensures high cycle life of their batteries and are
optimised to give customers high endurance for each flight. Some of the capabilities such as take-off area suitability check,
coverage area check and target location coverage check for off-site mission planning prior to deployment are unique in the
industry and they have filed patent applications for these capabilities. These capabilities help them achieve their ‘mission
first’ objective and align with their focus on delivering customer outcomes.

• In-house design to delivery capabilities

The company designs, develops, engineers, and manufactures their UAVs in-house with a focus on performance, reliability
and autonomy. Their own in-house product development centre allows them to design, develop and engineer their UAVs in
line with the needs of their customers, which includes the software stack required for their UAVs.

With their integrated operations i.e., from design and development to manufacturing, assembly and testing and to providing
software solutions, they strive to be able to meet all their customer needs under a single roof as well as control and maintain
the quality of their UAVs thereby maintaining the overall reliability and durability of their UAVs. Their manufacturing facility
is in compliance with ISO 9001:2015 requirements. Company’s products are easily portable as the packaging is designed in
such a way that all the components can be carried as a backpack.

• Strong management capabilities with a demonstrated track record of delivering robust financial performance

The company is led by a qualified and experienced management team, who are supported by a capable and motivated team
of managers and other employees. Their Promoters have knowledge and understanding of the drone industry in India and
involved in the strategic planning, operations, design and production development, and have a cumulative work experience
of more than 85 years. Their qualified and experienced team enables them to identify new avenues of growth and helps
them to implement their business strategies in an efficient manner.

For additional information & risk factors please refer to the Red Herring Prospectus - 10 -
KEY BUSINESS STRATEGIES
• Continue to invest in product innovation, engineering and design
Investment in product innovation, engineering and design is essential to company’s business, growth opportunities for
onboarding new customers and retention of existing customers by aligning their product and service offerings with their
requirements. The drone industry is at a nascent stage and therefore the requirements are continuously evolving. As
product and technology innovation is at the core of their growth, they emphasize on constant innovation and enhancing
their product and technology stack. Continuous product development by way of product and market research is integral for
growth in the UAV industry and consequentially, many drone manufacturers are laying emphasis on product development
and testing.
• Expanding into international markets
The company currently primarily cater to the requirements of the Indian market. The industry has witnessed a significant
growth at a CAGR of 19% over 2018-2022 and is expected to grow even faster at a CAGR of 20% to be approximately US$
51.4 billion in 2027 and further leap to approximately US$ 91.3 billion by 2030. Through their extensive experience,
established product portfolio and proven track record, they are strongly positioned for providing products and solutions to
international customers. They are currently present in Oman and USA and they are evaluating the expansion in Bangladesh,
Vietnam, and Nepal and will be able to further expand their presence in the United States, which is expected to be the
biggest market for drones and estimated to be US$ 10.2 billion with approximately 49% market share in 2022 and predicted
to grow to US$ 20.2 billion in the year 2027. As on May 31, 2023, ideaForge has onboarded around 100 channel partners
and 3 national distributors. Some of these channel partners help them expand their presence in the international market.
• Expand the product portfolio and cater to new end-use applications and industries
UAVs are increasingly finding potential to be employed in multiple applications across infrastructure, retail, agriculture,
logistics, and many other sectors. The company will continue to expand their product portfolio and plan to provide
differentiated offerings to their customers.

Drones are being explored extensively across various industries, including construction, real estate, e-commerce, agriculture,
utilities and energy, financial services, and media and entertainment. The company intends to leverage their in-house
technology and their design and development capabilities to innovate and introduce new UAVs to capture a higher wallet
share from new and existing customers. They seek to leverage their extensive experience to strengthen their industry
position, by developing new products to capitalise on emerging trends. They are continuously in the process of identifying
new end-use cases which have a significant growth potential and the economic viability to introduce new products.
Currently, they primarily cater to surveillance and mapping applications, and they plan to expand to inspection and delivery
applications in the future.
The company intends to further develop their UAVs with a focus to cater to asset inspection missions, such as inspection of
towers and other vertical assets. They also intend to develop UAVs with sufficient payload capacity to cater to the middle
mile logistics industry. Their initial target segments may include delivery of the frozen foods, perishables and medicines,
which require faster and on-time delivery in places where the ground infrastructure is not fully developed or challenging.
They also plan to expand and offer tactical UAVs and middle mile logistics drones with vertical take-off and landing
capabilities.
• Focus on indigenisation
The company partially import certain of their components such as carbon fibre tubes, landing gear, propellors, motors and
antennas, required for manufacturing UAVs. In line with the market growth potential of UAVs, with increased manufacturing
of their UAVs, their expenditure on components required for manufacturing of UAVs will also increase. With the production
linked incentive scheme (“PLI Scheme”) launched in 2021, the Government of India (“GoI”) will offer incentives for drone
makers, to encourage and boost manufacturers to develop their products in India and export them to the world and achieve
the Government’s aim to make India ‘The global drone hub of the world’. ideaForge has also been shortlisted as one of the
beneficiaries of PLI Scheme by the GoI. With the recent initiatives of the GoI i.e., “Atmanirbhar Bharat Abhiyan”, wherein
focus has been on indigenisation. They also have an arrangement with a start-up company for development of indigenous
UAV propulsion systems.
• Expand business services and software revenue through ‘as a Service’ offerings
ideaForge has the hardware and software capabilities to expand their business services revenue by providing ‘drone as a
service’ (“DraaS”) offerings. DraaS is a ready-to-fly network of drones which allows users to schedule or request on-demand
flights, without the hassle of owning hardware, software, or trained manpower. The customers can avail DraaS service on
‘pay per use’, which will help reduce their initial investment and increase adoption rate.

For additional information & risk factors please refer to the Red Herring Prospectus - 11 -
 They are in the process of developing a DraaS model which will allow their drones to be deployed in several locations and
will be ready to fly and execute missions at the click of a button. They are presently experimenting DraaS model with one of
their customers to create viable technology and business outcomes. Their BlueFire MapAssist and BlueFire Live! solutions
are offered as a software-as-a-service (“SaaS”) model where customers can subscribe to the package as per their
requirements. Similarly, they will continue to look for opportunities to offer their software and solutions as SaaS offerings in
the future.

• Pursue strategic investment and acquisition opportunities

ideaForge intends to selectively pursue strategic investment and acquisition opportunities that complement their growth
strategy or strengthen or establish their presence in their targeted domestic and overseas markets. As the UAV industry
presents significant growth opportunities, they intend to utilize their capabilities and expand their business and operations
by pursuing investment opportunities in future. They may also form strategic alliances with global and domestic players in
various segments of the drone industry that bring synergies to their business.

COMPETITION
National Competitors International Competitors
• Asteria Aerospace Pvt Ltd, • Lockheed Martin Corporation,
• DCM Shriram Ltd, • Autel Robotics Corp. Ltd.
• Adani Defence and Aerospace (Adani Enterprises Ltd)

INDUSTRY OVERVIEW
Drone company benchmarking
Idea DCM Adani New Raphe
Forge Asteria Sde Aus Tunga Shriram Defence Space Tata mPhibr Dums
Year of establishment 2007 2011 2015 2013 2020 2021 2017 2017 2012 2017 2019
Defence ✓ ✓ ✓ x ✓ x ✓ ✓ ✓ ✓ ✓
Enterprise
- Agriculture ✓ ✓ x ✓ X ✓ ✓ x x x ✓
- Energy and utilities ✓ ✓ x x ✓ x x x x x ✓
- GIS, Construction & real ✓ ✓ ✓ ✓ ✓ ✓ x x x x ✓
estate
- Mining ✓ ✓ X ✓ x x x x x x ✓
- Oil & Gas ✓ ✓ ✓ x ✓ x x x x x x
- Public Safety ✓ ✓ ✓ x ✓ ✓ ✓ x ✓ x ✓
Logistics x x x x x ✓ x x x ✓ ✓
Passenger x x x x x x x x x x x
Financials
21.8 M 2.6 M 1.0M 0.8M 1.1B 9.3B 0.03M 40.6B 0.1M 0.6M
Revenue (US$) NA
(FY22) (FY22) (FY22) (FY21) (FY21) (FY22) (FY22) (FY22) (FY20) (FY22)
44.8% 9.5% 14.8% 67.2% 13.4% 6.8% (6.33)% 23.8% (508.9)% 20.8%
EBITDA (%) NA
(FY22) (FY22) (FY22) (FY21) (FY21) (FY22) (FY22) (FY22) (FY20) (FY22)
33.7% (23.8)% 8.6% 4.9% 8.0% 0.7% (8.67%) 13.4% (600.0)% 0.5%
PAT (%) NA
(FY22) (FY22) (FY22) (FY21) (FY21) (FY22) (FY22) (FY22) (FY20) (FY22)
Note: Exchange rate – US$ 1 = Rs.74.50

Financial benchmarking
Revenue from operations (₹ Cr) COGS (₹ Cr) Gross Profit (₹ Cr)
Company FY23 FY22 FY21 FY20 FY23 FY22 FY21 FY20 FY23 FY22 FY21 FY20
ideaForge 186.01 159.44 34.72 14.00 58.86 41.22 18.30 6.53 127.15 118.22 16.42 7.47
Hindustan Aeronautics 26,927.46 24,620.02 22,882.32 21,445.16 10,102.11 10,001.22 11,191.41 9,387.36 16,825.35 14,618.80 11,690.91 12,057.80
Bharat Electronics 17,734.44 15,368.18 14,108.69 12,967.67 9,827.56 8,897.16 7,826.04 7,097.28 7,906.88 6,471.02 6,282.65 5,870.39
MTAR Technologies 573.75 322.01 246.43 213.77 269.51 116.25 80.15 72.17 304.24 205.76 166.28 141.61
Astra Microwave Products 815.52 750.46 640.91 467.22 518.28 527.21 445.87 265.27 297.24 223.26 195.04 201.95
Data Patterns 453.45 310.85 223.95 156.10 170.91 86.07 70.41 56.09 282.54 224.78 153.54 100.01

For additional information & risk factors please refer to the Red Herring Prospectus - 12 -
 Revenue and Profit Growth
EBITDA (₹ Cr) PAT (₹ Cr) CAGR (FY20-23)
Revenue
from
Company FY23 FY22 FY21 FY20 FY23 FY22 FY21 FY20 Operation EBITDA PAT
ideaForge 47.09 73.12 (10.87) (12.51) 31.99 44.01 (14.63) (13.45) 136.9% - -
Hindustan Aeronautics 6,679.15 5,408.56 5,336.26 4,903.11 6,509.50 5,079.88 3,245.55 2,882.65 7.9% 10.9% 31.2%
Bharat Electronics 4,085.88 3,340.88 3,210.51 2,754.46 2,986.24 2,400.22 2,099.76 1,824.72 11.0% 14.0% 17.8%
MTAR Technologies 153.97 94.43 83.08 57.97 103.42 60.87 46.07 31.32 39.0% 38.5% 48.9%
Astra Microwave Products 147.62 89.22 78.97 82.49 69.83 37.87 28.85 44.04 20.4% 21.4% 16.6%
Data Patterns 171.83 141.04 91.99 43.17 124.00 93.97 55.56 21.08 42.7% 58.5% 80.5%

Financial – Profit Margins:

Gross Margin (%) EBITDA Margin (%) PAT Margin (%)

Company FY23 FY22 FY21 FY20 FY23 FY22 FY21 FY20 FY23 FY22 FY21 FY20
ideaForge 68.4% 74.1% 47.3% 53.4% 25.3% 45.9% (31.3)% (89.4)% 17.2% 27.6% (42.1)% (96.0)%
Hindustan Aeronautics 62.5% 59.4% 51.1% 56.2% 24.8% 22.0% 23.3% 22.9% 24.2% 20.6% 14.2% 13.4%
Bharat Electronics 44.6% 42.1% 44.5% 45.3% 23.0% 21.7% 22.8% 21.2% 16.8% 15.6% 14.9% 14.1%
MTAR Technologies 53.0% 63.9% 67.5% 66.2% 26.8% 29.3% 33.7% 27.1% 18.0% 18.9% 18.7% 14.7%
Astra Microwave Products 36.4% 29.7% 30.4% 43.2% 18.1% 11.9% 12.3% 17.7% 8.6% 5.0% 4.5% 9.4%
Data Patterns 62.3% 72.3% 68.6% 64.1% 37.9% 45.4% 41.1% 27.7% 27.3% 30.2% 24.8% 13.5%

ROE (%) ROCE (%) Gross Fixed Asset Turnover

Company FY23 FY22 FY21 FY20 FY23 FY22 FY21 FY20 FY23 FY22 FY21 FY20
ideaForge 9.9% 26.9% (24.5)% (19.7)% 10.4% 37.6% (14.5)% (21.8)% NA 7.3 2.0 2.7
Hindustan Aeronautics 27.6% 26.3% 21.0% 21.7% 13.5% 12.9% 15.9% 17.7% NA 1.7 1.7 1.8
Bharat Electronics 21.5% 19.5% 19.0% 18.1% 24.5% 20.5% 22.3% 20.7% NA 3.1 3.2 3.2
MTAR Technologies 16.7% 11.7% 9.7% 13.9% 18.7% 14.2% 14.2% 19.7% NA 1.1 1.0 1.1
Astra Microwave Products 10.9% 6.5% 5.2% 8.2% 17.2% 10.6% 9.9% 10.4% NA 2.4 2.2 1.8
Data Patterns 10.6% 16.4% 26.7% 13.7% 12.5% 22.3% 33.6% 21.1% NA 5.4 6.2 5.0

Cash Conversion Cycle Cash Flow from Operations

(Days) (₹ Cr)
Company FY23 FY22 FY21 FY20 FY23 FY22 FY21 FY20
ideaForge 675.9 413.3 622.1 824.7 (53.23) 65.52 (30.81) (16.47)
Hindustan Aeronautics 389.6 499.1 560.6 793.1 15,117.00 10,032.78 15,117.00 1,527.39
Bharat Electronics 260.5 236.3 247.6 266.8 1,266.86 4,207.22 5,093.22 2,570.41
MTAR Technologies 360.5 509.8 423.1 332.3 7.41 (29.80) 8.61 56.22
Astra Microwave Products 389.8 351.7 390.9 500.8 (21.77) 114.67 (24.60) (7.28)
Data Patterns 627.9 579.0 574.2 674.9 (17.24) 50.25 43.38 13.45

COMPARISON WITH LISTED INDUSTRY PEERS (AS ON 31ST MARCH 2023)

Revenue from Net
Operations EPS Asset NAV per
Face for fiscal 2023 Value Equity RoNW
Name of the Company Value (₹ Cr) Basic Diluted (₹ Cr) Share P/E (%)
ideaForge Technology Ltd 10 186.01 8.55 8.12 324.72 86.81 [•] 9.85
MTR Technologies Ltd 10 573.75 33.62 33.62 620.13 201.60 57.08 16.68
Data Patterns India Ltd 2 453.45 23.80 23.80 1,167.08 224.00 72.83 10.62
Astra Microwave Products 2 815.52 8.06 8.06 642.62 74.17 43.88 10.87
Source:RHP; All the financial information of the company and listed industry peers mentioned above is on a consolidated basis. P/E Ratio has been computed based on the closing
market price of equity shares on BSE on June 14, 2023.

For additional information & risk factors please refer to the Red Herring Prospectus - 13 -
Key Performance Indicators
(₹ in Cr)
Fiscal
Metrics 2023 2022 2021
Financial
Revenue from operations 186.01 159.44 34.81
Growth in revenue from operations (%) 16.66% 359.24% 148.00%
Gross Profit 127.15 118.22 16.42
Gross Profit Margin (%) 68.36% 74.15% 47.28%
EBITDA 57.49 75.13 (9.25)
EBITDA Margin (%) 30.91% 47.12% (26.65)%
Adjusted EBITDA 85.19 81.41 (3.36)
Adjusted EBITDA Margin (%) 45.80% 51.06% (9.69)%
PAT 31.99 44.01 (14.63)
PAT Margin (%) 17.20% 27.60% (42.13)%
ROE (%) 13.11% 39.46% (22.88)%
ROCE (%) 12.51% 49.63% (15.18)%
Adjusted ROCE (%) 26.98% 77.25% (12.06)%
Operational
Revenue from operations
Sales of products 163.60 153.93 31.01
Sales of products (%) 87.95% 96.54% 89.33%
Sales of service 4.98 5.50 3.70
Sales of service (%) 2.67% 3.45% 10.67%
Revenue split by defence and civil
Defence 128.62 127.67 4.83
Defence (as a % of total) 69.15% 80.07% 13.91%
Civil 39.97 31.77 29.89
Civil (as a % of total) 21.49% 19.93% 86.09%
Order book (in crore) 192.27 310.88 136.40
Defence 185.20 305.53 128.48
Civil 7.07 5.34 7.92
Number of flights launched 124,417 63,920 29,951

Comparison of Financial KPIs of the company and the listed peers

(₹ in Cr)
ideaForge Technology Data Patterns MTAR Technologies Astra Microwave
KPI Fiscal 2023 Fiscal 2023 Fiscal 2023 Fiscal 2023
Financial
Revenue from operations 186.01 453.45 573.75 815.52
Growth in revenue from operations (%) 16.66% 45.87% 78.18% 8.67%
Gross Profit 127.15 282.54 304.24 297.24
Gross Profit Margin (%) 68.36% 62.31% 53.03% 36.45%
EBITDA 57.49 181.03 173.45 150.12
EBITDA Margin (%) 30.91% 39.92% 30.23% 18.41%
Adjusted EBITDA 85.19 NA NA NA
Adjusted EBITDA Margin (%) 45.80% NA NA NA
PAT 31.99 124.00 103.42 69.83
PAT Margin (%) 17.20% 27.35% 18.03% 8.56%
ROE (%) 13.11% 14.24% 18.15% 11.37%
ROCE (%) 12.51% 14.80% 20.30% 15.29%

For additional information & risk factors please refer to the Red Herring Prospectus - 14 -
 ideaForge Technology Data Patterns MTAR Technologies Astra Microwave
KPI Fiscal 2023 Fiscal 2023 Fiscal 2023 Fiscal 2023
Adjusted ROCE (%) 26.98% NA NA NA
Operational
Revenue from operations
Sales of products 163.60 NA NA NA
Sales of products (%) 87.95% NA NA NA
Sales of service 4.98 NA NA NA
Sales of service (%) 2.67% NA NA NA
Revenue split by defence and civil
Defence 128.62 NA NA NA
Defence (as a % of total) 69.15% NA NA NA
Civil 39.97 NA NA NA
Civil (as a % of total) 21.49% NA NA NA
Order book (in crore) 192.27 924.10 1,172.90 1,543.99
Defence 185.20 NA NA NA
Civil 7.07 NA NA NA
Number of flights launched 124,417 NA NA NA

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For additional information & risk factors please refer to the Red Herring Prospectus - 15 -